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Halifax offer FTBs leg up onto the property ladder

First-time buyers are being given a lifeline by a deposit doubling scheme from Halifax and Persimmon Homes.

The ‘Double your Deposit’ scheme offers first-time buyers the opportunity to double their savings, which they can then use as the deposit for a new first home.

This is achieved by the first-timers making regular deposits into a savings account, with either Halifax or Bank of Scotland, for a minimum of six months, with an upper limit of £5,000. If the savings are used as a deposit on a brand new Persimmon home, Persimmon will match the savings.

For example, if at least £5,000 is saved after a minimum of six months, Persimmon will double this to £10,000.

Persimmon Homes’ group development director David Bryant, says: “This scheme is designed for any first-time buyer, from students moving through further education, to people in their 20s and even 30s who have been unable to buy a home.

“Not only will the ‘Double your deposit’ scheme allow more people to be able to afford a deposit for a new home, it actually encourages young people to save instead of spend. Halifax have experience in helping this purchaser group onto the ladder, which is the ultimate aim of our campaign.”

Halifax national new build manager Mike Bottomley says: “This is a great deal for first-time buyers. By saving regularly with us potential home owners are planning for the financial commitment of buying their first home. Doubling their deposit in this way should be a major incentive for first time buyers.”


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